In today’s fast-paced lending environment, reducing loan origination times is essential. SBA loans often face delays due to manual inspections, but Inspections as Service (IaaS) platforms offer a powerful solution that shortens the process from weeks to hours in many cases. Here’s how:

1. Orchestrating Virtual and Third-Party Inspections: An IaaS platform seamlessly manages both virtual inspections and third-party inspection services. With virtual inspections allowed by the SBA and already in use by major lenders such as Celtic Bank, this offers unparalleled flexibility.

2. Automated Workflows: An Inspections as a Service platform automates inspection scheduling, data submission, and reporting. This reduces human error, removes redundant tasks, and integrates easily with your existing lending systems, accelerating the process significantly.

3. Real-Time Data Collection: Field inspectors and borrowers can upload photos, documents, and reports instantly through a verified virtual mobile app. This real-time visibility for underwriters speeds up decision-making and loan approvals.

4. Compliance Made Simple: An enterprise-class IaaS platform ensures that all inspections are SBA-compliant by storing inspection data in securing online and offline storage and provides digital audit trails, helping lenders meet regulatory requirements effortlessly.

5. Improved Collaboration: The platform provides a central hub for collaboration between lenders, inspectors, and underwriters. This eliminates communication delays and ensures everyone stays aligned throughout the process.

Bottom Line: VirtuSpect IaaS platform empowers SBA lenders to dramatically reduce origination timelines, from weeks to hours, by integrating advanced virtual and third-party inspections, automating workflows, and ensuring compliance. Ready to transform your SBA loan process? Contact us today for a demo!.